SuperSmart calculator
This legalsuper calculator lets you test or model how your choices may affect your super over the long term.
It cannot predict your final superannuation balance, which will depend on:
- your personal circumstances; and
- unpredictable external factors you cannot control such as investment earnings, tax and inflation.
However, the calculator does show the potential effect of changes you may be able to control, such as deciding to make extra contributions or choosing a fund with different fees.
You should not rely on the calculator for the purposes of making a decision in relation to your superannuation, and you should consider obtaining financial advice from a financial services licensee before making any financial decisions.
The legalsuper calculator contains certain assumptions which are taken into account in calculating your estimated final lump sum and estimated annual gross retirement income. You are able to change certain assumptions.
CLICK TO USE CALCULATOR AND ACCEPT TERMS
Glossary of Terms
The following details a glossary of terms used by the calculator.
Annual gross salary – this is your salary before tax has been deducted, and excludes your employer superannuation guarantee contributions or any salary sacrifice or deductible superannuation contributions.
Estimated final lump sum – this is your estimated super account balance at your chosen retirement age, using all of the assumptions made in the calculator. This amount may be subject to tax when you withdraw it from the fund (if aged less than 60). The calculator cannot show the amount of tax because it will depend on your personal situation. The amount is shown in today’s dollars so that you can see the impact of your decisions in light of the conditions today. You can also choose to view the amounts in future (or ‘nominal’) dollars.
Estimated annual gross retirement income – assuming your ‘Estimated Final Lump Sum’ continues to be invested after your chosen retirement age and continues to earn the investment income as before at the assumed rate, then the retirement income amount shown is the amount which you could withdraw each year for the number of years you specified as 'Years My Super Must Last'. The calculator assumes you will be paid in equal monthly installments at the start of each month for the term specified. The income amount will be indexed each year at the Pension Indexation Rate (default assumption of 3%) that you entered. The income amount is shown in today's dollars so that you can see the impact of your decisions in light of the conditions today. You can also choose to view the amounts in future (or 'nominal') dollars.
Salary sacrifice/deductible contributions – means any extra contributions that you make to super either before tax is deducted from your pay or following which you intend to claim a tax deduction. You must put in your salary sacrifice/deductible amounts as a dollar amount. Please note that from 1 July 2007, you may not make ‘concessional contributions’ (includes salary sacrifice, deductible contributions and superannuation guarantee) that exceed $50,000 each year. If you are over 50 years of age or turning 50 before 30 June 2012, a transitional period, ending in 2011-12, allows you to contribute up to $100,000 each year.
Personal contributions – means any money that you contribute to your super from your after-tax salary or wages. You must put in your personal contribution amounts as a dollar amount. Please note that from 1 July 2007, you may not make after-tax contributions that exceed $150,000 each financial year (or alternatively $450,000 in any three year period providing you are under 65 years of age).
CLICK TO USE CALCULATOR AND ACCEPT TERMS
